Q1 2018 Seattle-Eastside Real Estate Report

Q1 Market Snapshot

 

Q1 prices in the Seattle-Eastside region have escalated yet again with no sign of slowing in the immediate future. An unprecedented lack of inventory for sale coupled with rising interest rates has prompted buyers to compete with reckless abandon to win the prize of their very own home, albeit with a steep price tag.

 

Overall median prices in Seattle rose 16.1% to $770,000, while the Eastside rose 13.0% to $944,000. Those regional numbers certainly don’t tell the whole story, especially when you consider the highest change in median sale price was nearly 46% and the lowest was a -4%. New construction sales, or lack thereof, made the biggest impact on home sale prices. Existing homes, offering good walkability or commute options, and those that were on the more affordable end of the pricing spectrum saw the strongest appreciation overall.

 

Rising mortgage interest rates, now up a full percentage point from their lows, are adding fuel to the fire. While not dampening buyer demand yet, further increases will likely begin to price home buyers out of the core Seattle-Eastside region. Homebuyer fear of being priced out of the market is at least partly to blame for the crazed demand at more modest price points.

 

As predicted, many who don’t have a need to be close in to the metro region are choosing to sell at a high and buy more affordably outside of the Seattle-Eastside area. The rate of tear-down new construction infill has escalated at staggering numbers as builders capitalize on the market’s appetite for fresh and new.

 

Buyers today should consider their purchase thoughtfully as buying at or near the peak of the market can limit their resale options when the market corrects. Planning to stay put for five to seven years is a good strategy at this time.

 

Q1 Market Snapshot

SEATTLE

West Seattle leads the pack in median home price growth on the Seattle side of the lake. With its vibrant, hip vibe and convenient access to the city, West Seattle has benefited from Seattle’s commute gridlock—maintaining status quo while other Seattle neighborhoods have come to a halt (literally).

Seattle Report

Queen Anne saw a nice rebound in Q1 after lagging the Seattle averages for some time. South Seattle, with its light rail access, affordable prices, and new vitality, continues to see its real estate market thrive.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

EASTSIDE

Significant new home development at higher price points has led the market in West Bellevue and Kirkland and brought up everything else along with it.

Eastside Review

With land values alone higher than average home sale prices in surrounding communities, this growth will have long-lasting impacts that will forever change the flavor of these communities–for better (fresh new housing stock) and worse (the lack of affordable options). Kirkland led this charge with a median sale price 45.9% higher than Q1 last year, followed by West Bellevue at 23.1%.

Click here for the full report and neighborhood-by-neighborhood statistics!

 

MERCER ISLAND

Overall, a much higher percentage of mid-range homes sold in the first quarter than in quarters past, giving the appearance of falling prices. In reality, however, it was actually a downward shift of the segment of the market that is selling.

Mercer Island Report

Don’t let the negative number for Q1 fool you. The market below the two-million-dollar mark is vastly different than the market above it. With the most severe shortage of available homes in mid-range price points Mercer Island has seen, especially early in Q1 this year, the sub $2 million market has been brisk and competitive with strong price escalation. The $2 million and above market has been a different story altogether. While highly desirable homes in that bracket have transacted quickly, many other less notable homes have languished on the market.

Click here to view the complete report for a neighborhood by neighborhood breakdown of Average Sale Price, size, and number of homes sold.

 

CONDOS – SEATTLE & EASTSIDE

Still the only affordable option for many home buyers today, condos have continued to escalate in value with appreciation rates above those of residential homes in many areas.

Condo Report

On the Eastside, new condo and townhome developments in Crossroads and Rose Hill drove prices up to new highs in those communities. Richmond Beach and Shoreline benefited from an infusion of new construction standalone condominium ‘homes’ on very small lots.

Check out all of these factoids and more in the full condo report.

 

WATERFRONT

Waterfront Report

Several significant sales accented an otherwise unremarkable quarter. A $26.8 million iconic Medina estate on 2.5 acres with 150 feet of waterfront set a new benchmark on the Eastside. Two $8+ million homes on the north end of Mercer Island–both newer construction with over 7,000 square feet–set the tone for the Island in 2018. Lake Sammamish, with a $4.2 million sale in Q1, is still in hot demand, while Seattle saw only three modest waterfront sales.

Check out the full Waterfront Report for a complete list of waterfront home sales by address and community.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

© Copyright 2018, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and deemed accurate but not guaranteed.v


Posted on April 13, 2018 at 9:25 am
Windermere Mercer Island | Posted in Economics and Housing Market | Tagged , , , , , , , ,

Planning ahead: how tax reform will impact your home deductions next year

2018 Tax Changes for Home Owners

 

While you may still be busy filing your 2017 taxes, it’s important to look ahead and be aware of how the new 2018 tax reform laws will affect next year’s return–especially if you’re a homeowner. Those who itemize will need to note some big changes in what they can and cannot deduct. Many will instead choose to use the new higher standard deduction ($12,000 for single individuals and $24,000 for joint returns) rather than itemizing their deductions.

What can you do now? Check in with your accountant for advice specific to your situation and filing status. Also, you’ll probably want to update your withholding amount to reflect the new deduction amounts. In the meantime, here is the skinny on 5 changes that may affect you if you own a home…

 

1. Mortgage Interest Deduction

The deduction that allows homeowners to reduce their taxable income by the amount of mortgage interest they pay has been scaled back.

  • For loans taken out after 12/14/17, you can now only deduct mortgage interest paid on the first $750,000 of combined debt for primary and secondary residences (or $375,000 if married filing separately).
  • Current loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap if they were taken out before 12/15/17 (or if you entered into your purchase contract prior to 12/15/17 and the sale closed by 1/1/18).
  • You can continue to deduct the interest on grandfathered loans even if you refinance.

 

2. Home Equity Loan Deduction

Under the former tax law, you were able to deduct the interest on up to $100,000 of home equity debt even if the proceeds were used for something other than buying or improving the home (for example, an equity line of credit used to pay college tuition). This is now no longer the case.

  • New 2018 law eliminates the deduction for interest on home equity debt unless it’s used to buy, build, or substantially improve the home that secures the loan.
  • Loans to buy second homes do not qualify for the interest deduction if they’re taken out against the equity of your primary home.

 

3. Deduction for Property & Sales Taxes

Tax relief for homeowners who pay property taxes has also been limited.

  • Itemized deductions for property taxes, sales taxes, state income taxes, and any other local taxes will now be limited to a combined total of $10,000.
  • The combined limit drops to $5,000 if married filing separately.

 

4. Deduction for Moving Expenses

While you used to be able to deduct some moving expenses when you moved for a new job, this deduction has been repealed for everyone except active-duty members of the armed forces.

 

5. Deduction for Casualty Losses

Under former law, substantial losses to your home and personal property through things like fires and robberies could be deducted from your taxable income. Under the new law, this deduction is eliminated for everything except presidential-declared natural disasters.

 

Want to know more?

 

The above article is presented for informational purposes only and is not intended to replace professional tax advice from your accountant.

Sources:
“The Tax Cuts and Jobs Act – What it Means for Homeowners and Real Estate Professionals,” by the National Association of Realtors
“5 Homeownership Changes Coming Under New Tax Law” by NerdWallet
“Tax Reform” by the Internal Revenue Service


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

©2018, Windermere Real Estate/Mercer Island


Posted on March 13, 2018 at 2:12 pm
Windermere Mercer Island | Posted in Tax Tips | Tagged , , , , , , , , , ,

2017 YEAR END REVIEWS: Annual market reports for Seattle and The Eastside.

2017 Year-End Snap Shot

2017 YEAR END REVIEWS:
Click to view annual market reports for Mercer Island, Seattle and The Eastside.


Posted on January 16, 2018 at 12:29 pm
Emily Roberts | Posted in Economics and Housing Market |

2018 Housing Forecast

 


Posted on January 16, 2018 at 12:19 pm
Emily Roberts | Posted in Economics and Housing Market, Real Estate |

#GivewithRobertsHomes

Roberts Homes Opt To Give 2017
Tis’ the season where client and referral gifts of appreciation are in exchange. The most common end of year gesture for most realtors is the cliche branded calendar. Here at Roberts Homes, I believe that there is no better gift than giving to those that are truly in need. As Pablo Picasso famously said, “The meaning of life is to find your gift. The purpose of life is to give it away”.

Rather than sending a branded gift (such as a calendar), I encourage my supporters to donate the $10 cost of each calendar to a good cause. This years recipients are either:

Listen and Talk School: Listen and Talk is a nonprofit educational program
that has been delivering life-changing results for children who are deaf or hard of hearing, and their families for 20 years.

OR

Jubilee Women’s Center:  Jubilee Women’s Center supports women experiencing poverty to build stable and fulfilling futures, one extraordinary woman at a time. Led by the guiding principle that women of all races and cultures are to be treated with respect and dignity, Jubilee provides programs and services that empower women to make positive life changes.

The responses have been rolling in and I feel so grateful to pass the donations along to two wonderful local causes here in Seattle. If you have your response card, please don’t forget to drop it in the mail.

Happiest holidays to you and yours!


Posted on December 15, 2017 at 10:05 am
Emily Roberts | Posted in Community Support, Local Events |

November 2017 Seattle Area Housing Report

Brisk activity is upon us as we head deeper into December. Indeed, with inventory levels at incredibly low numbers, many sellers decided to take advantage of a rare busy late fall market and we saw a flurry of listings come to market between Nov. 1st and 18th. Buyers jumped on the new inventory creating a very busy November for pending sales.

With all the added inventory (and more) snatched out of the active listing pool, December pickings are few and far between. With fewer buyers searching for homes in December, diligent buyers can use this time to potentially negotiate more favorable pricing on the homes remaining on the market. This can also be a great time of year for buyers with less competitive offer terms (ie. aren’t paying all cash, pre-inspecting or giving up their first born) to compete in ultra-competitive segments.

 

Neighborhood Reports:
SEATTLE

West Seattle
South Seattle
Central Seattle
Queen Anne
Ballard/Greenlake
North Seattle
Downtown Seattle Condos

EASTSIDE

South Bellevue
Mercer Island
West Bellevue
East Bellevue
East Lk Sammamish
Redmond
Kirkland
Woodinville
Renton Highlands
Downtown

Bellevue Condos

By Julie Barrows, for The Market Talks, Owner of  Windermere Real Estate/Mercer Island |  (206) 232-0446 | mercerisland@windermere.com | 2737 77th Ave SE, Mercer Island, WA 98040. Information and statistics derived from Northwest Multiple Listing Service.


Posted on December 15, 2017 at 9:36 am
Emily Roberts | Posted in Economics and Housing Market, Real Estate |

2017 Holiday Happenings Around Seattle

2017 Holiday Events Around Seattle

Forget about the rain. Whether it’s skating at the Winterfest Ice Rink, watching the “snow” fall at Snowflake Lane, or meandering through a dazzling light show, there are so many ways to make the most of our Northwest holidays…

WildLights at Woodland Park Zoo

5500 Phinney Ave. N, Seattle, WA 98103
www.zoo.org/zoolights | click here to get tickets

  • Dates/Times: Open nightly 11/24/17 – 1/1/18 | 5:30-8:30 pm
  • Cost: $7.95-$11.95 per person (ages 2 and under are free)
  • Promotion: Get 50% off daily zoo admission if you present your WildLights ticket at the gate between Dec. 1st and Dec. 14th. You can also get discounts on WildLights tickets for groups of 20+.
  • Parking: Free parking at the north (Bear Lot), inner north (Otter Lot) and and northwest lot (Penguin Lot). Zoo entry is at the West Entrance only (5500 Phinney Ave N).
  • Food: Refreshments are available at food kiosks, Pizza Corner, and at the Pacific Chowder House (with covered seating). You are also welcome to bring your own food and non-alcoholic beverages.
  • Special Events and Activities
  • Holiday Closures: 12/24 & 12/25

Image courtesy of https://zoo.org/zoolights


 

Winterfest at Seattle Center

305 Harrison Street, Seattle, WA 98109
www.seattlecenter.com/winterfest

Map


 

Garden d’Lights at Bellevue Botanical Garden

12001 Main Street, Bellevue WA 98005
www.gardendlights.org | click here to get tickets

  • Dates/Times: Open nightly 11/25/17 – 12/31/17 | 4:30-9:00 pm
  • Cost: $5 per person (ages 10 and under are free)
  • Promotion: Free admission nights on November 27, 28, 29, 30, and December 4, 5, 6, 7
  • Parking: Premium parking is $5 per car in the Garden’s lot (cash only) as space allows OR park for free at Wilburton Hill Park
  • Food: Hot drinks and snacks are available at the Aaron Education Center
  • Holiday Closures: None

Image courtesy of https://gardendlights.org/


 

Snowflake & Celebration Lane at the Bellevue Collection

Bellevue Way & NE 8th Street, Bellevue WA 98004
http://bellevue.com/snowflake-lane

  • Dates/Times: Nightly 11/24/17 – 12/31/17 | 20 minute show starts at 7 pm
  • Cost: Free for all ages
  • Parking: Free parking at Bellevue Square, Bellevue Place and Lincoln Square.
  • Food: A variety of dining options (from happy hour, to kid fare, to gourmet meal) are all within walking distance
  • Special Events & Activities: Ice Skating, Santa Parade & Tree Lighting
  • Holiday Closure: 12/25

 

Christmas Ship Festival

Launch locations include Lake Union Park, Kirkland City Dock, Hyatt Regency, Leschi Marina, Des Moines Marina, Poulsbo Marina, Seattle Waterfront – Pier 55, Tacoma (Dock Street Marina), Port of Edmonds Marina, and Shilsole Bay Marina
www.argosycruises.com | click here to get tickets

  • Dates/Times: Click here for the full schedule
  • Cost: $20-$62 per person (ages 3 and under are free)
  • Parking: Varies by location
  • Food: While dining ahead of time is recommended, there are snacks and drinks available for purchase on the ship. You can also pre-order Ingallina’s boxed meals (with vegetarian and gluten-free options) at least 48 hours prior to your cruise. Outside food/drinks are not allowed.
  • Special Events: Parade of Boats Night, Grand Finale Night


 

Ivar’s Clam Lights at Gene Coulon Memorial Beach Park

1201 Lake Washington Blvd N, Renton, WA 98056
http://rentonwa.gov/clamlights

  • Dates/Times: Open nightly 12/1/17 – 1/1/18 | 5-9 pm
  • Cost: Free for all ages
  • Parking: Park for free at the Gene Coulon Memorial Beach Park parking lot
  • Kickoff Event on December 1st, 5:30-7:30: Official lighting ceremony, music, photo stations, Parade of Boats viewing, and a visit from the Christmas Ship and Dickens Carolers
  • Holiday Closures: None

 

©Windermere Real Estate/Mercer Island


Posted on November 14, 2017 at 12:26 pm
Emily Roberts | Posted in Community Support, Local Events |

2017 Q3 Market Reports

Q3-2017 Real Estate Metrics

Seattle: Appreciation in Seattle outpaced that of the Eastside—a 16.3% increase in the median sale price since Q3 2016 compared to the Eastside’s 13.8%.

http://emilyrobertsrealty.com/seattle-report/

Eastside: Bellevue-West of 405 outpaced the pack in Q3 with a median sale price 24.6% higher than Q3 of last year. Bellevue-East of 405 and Kirkland-Bridle Trails fared very well also with prices up 19.7% and 18.5% over the same time

http://emilyrobertsrealty.com/eastside-report/

Mercer Island: The median sale price on Mercer Island increased 13.6% (to $1,460,000) over Q3 of 2016. Time will tell whether recently imposed building restrictions—making the island one of the most restrictive cities in the region to build or remodel—will have an impact on home values.

http://emilyrobertsrealty.com/mercer-island-report/

Condo Market: he Q3 median sale price increased a mere 0.6% in Seattle and 24.4% on the Eastside over Q3 2016. While Eastside condos were truly a hotbed of activity, Seattle condos fared better than the numbers appear. This is because a few ultra-high sales and high-end new construction.

http://emilyrobertsrealty.com/condo-report/

Waterfront: he most active quarter of the year for waterfront in the Seattle region, Q3 saw two very distinctly separate markets. The more moderate waterfront price points below $4 million experienced an increase in the number of homes for sale while the pace of sales slowed.

http://emilyrobertsrealty.com/waterfront/


Posted on October 12, 2017 at 9:22 am
Emily Roberts | Posted in Economics and Housing Market, Real Estate |

Price Reduced: Nature & Modernism in Madrona

Lofty, Modern, Impeccable

Nature and modernism are nestled in the breathtaking Madrona Ravine, creating a lofty hideaway you’ll want to call home. Escape from the daily grind to your own modern treehouse! The master suite is your spot to take in lake views while sipping your favorite beverage and sitting on its sunny deck in peace. Completely reinvented in 2009 and impeccably maintained, this turnkey property is waiting for you!

MLS: 1198494

List Price: $1,400,000

4 Bed • 3 Bath •  2,660 SQFT

Click here to learn more about this modern treehouse!


Posted on October 2, 2017 at 4:50 pm
Emily Roberts | Posted in Just Listed | Tagged , , , , , ,

SOLD: Capitol Hill Classic

This is your canvas to create a masterpiece on one of the best streets in Seattle.

A location and property often coveted, but rarely available, this 1901 classic foursquare offers yesteryear grandeur with the space and opportunity for adding your modern take.

Capitol Hill Classic

The large covered front porch gracefully welcomes you into the light-filled foyer with exquisite period staircase. The circular floorplan makes easy use of the main floor, featuring airy entertaining spaces flowing intuitively to a sunny kitchen and breakfast nook. Upstairs, light streams through the large master suite with a walkout balcony and territorial views.  Three more bedrooms—plus an oversized, finished top-floor garret—provide plenty of flex-space for your lifestyle.

Are you ready to call Capitol Hill home?

Stroll to shops,  coffee houses, restaurants, and Volunteer Park from this fantastic Capitol Hill locale!

Click here to learn more about this elegant house. 



Posted on September 7, 2017 at 4:41 pm
Emily Roberts | Posted in Just Listed | Tagged , , , , , , ,